Is it possible to live off student loans?

In the upcoming fall, I will be attending a college to major in Chemistry(Pre Engineering). I do not believe I will have time for a job with the amount of studying that will be required. Can one live off federal and private loans. I hope to receive scholarships for upcoming years in college. I am attending a Louisiana university and have received TOPS.

5 Answers

  • Merry
    Lv 7
    7 years ago
    Favorite Answer

    You are allowed to use student loans for living expenses. However; it's best to avoid private loans if at all possible.

    If you do take them out, I would suggest that you at least pay the interest as it accumulates.

  • kovie
    Lv 4
    4 years ago

    Federal student aid is first despatched to the college where the university's costs comparable to tution and prices are deducted. If there may be money left over after the expenses are paid, the difference is distributed to the scholar. Nevertheless, there are limits to how much that you would be able to borrow each and every 12 months ($5,500 for a full time, first 12 months elegant student or $9,500 for an unbiased), so traditionally there is not that so much left. You would borrow further exclusive pupil loans, however most often they'd restrict you to the remainder fee of attendance at your institution. Pupil aid is handiest supposed to pay for academic fees, no longer personal dwelling bills. It's not going that you'd acquire adequate to be capable to are living off your student loans without working.

  • 7 years ago

    Money would be really tight but it depends on the area you live. I was a full time student all of 2012, with a child. I survived off $1,300/month. Veterans benefits pays for my classes so I used my pell grant to cover books, leaving me with a couple thousand of the remaining balance. I take this money and either save or pay my rent in advance. Now I am getting my bachelor's, I will use student loans to live off of. I will only use about 2,000 per semester with only 3 semesters left. So that is cheap. You can do it, just be able to manage money right.

    Source(s): Personal experience.
  • 7 years ago

    this is the MAXIMUM TOPS AWARD AMOUNTS FOR 2012-13:

    we don't know what school you are going to & we don't know your award level

    we also don't know your parents willingness or ability to take out significant amounts of Parent PLUS loans

    if you plan to live at home & commute to your local public uni.... then it might be possible if you live very frugally

    if you are planning to dorm, then you are going to have to get student loans to cover the cost of dorming & meal plan.. and there may not be anything left over for living expenses

    While I agree Engineer programs are VERY difficult... I can tell you that my son is in a rigorous engineering program with an average of 18 credit hours per semester.... and because he needs money for living expenses & in order to avoid having to take student loans, he is waiting tables while in school, averaging @ 30 hours per week

    If you manage your time well, stay on top of your assignments by working on them early instead of closer to the deadline, and make your study time count.... then you can work, even while in full-time engineering program ---- you will sacrifice your social life --- but the sacrifice of social life is well worth it when you consider not having a loan payment means you can afford a car payment when you get out of school

  • 7 years ago

    If this is your concern why do you not consult How to Apply for a Living Expense Student Loan on eHow

    'How to Apply Many students turn to living expense loans to help cover the cost of their rent and living expenses.'

    Source(s): YAHOO!
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